Let's do that again, but without the emails on the screen behind me.

Hi folks, and welcome to another five minute Friday here on Meaningful Money.

Great to see you once again or your lovely smiling faces. This is what you call a quick

and dirty video because it's already five past five on Thursday afternoon. I gotta shoot

something to edit it tonight to get it up on the website for

five minute Friday otherwise you know it's five minute Saturday and that doesn't

sound anything like as good so you know I'm slightly sweaty the is rubbish, it's probably bouncing all over the place.

I have no idea really whether I'm in focus, but you know what?

It's the content that matters.

So let's crack on.

I've had a question for Martin, asks about past performance being no guide to future performance.

You know that caveat that's on everything you always see if every you're looking at a possible fun to invest in past performance is no guide or not necessarily a guide to future performance.

Why is that even there? Martin asked that question and so let's put five minutes on the clock down here,

round about there, something like that,

and let me try and answer Martin's question.

Okay, so past performance is no guide to future performance.

Now you know why they put that there, right? they put it there so that they can't be sued in the future by somebody saying well I bought this fund on the strength of the performance that you have quoted, you have not delivered that performance, therefore I have been

missold or whatever. So it's a caveat. You understand why it's there, it's there for the fund

providers, the investment providers to protect themselves.

But anybody with any brain can understand that surely past performance must be some guide to future performance.

So let's try and unpack that a little bit.

Firstly, if you think about what investment performance is,

...